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In this paper, an improved algorithm of wavelet packet-chaos model for life prediction of space relays based on volterra series is proposed. In the proposed method, the high and low frequency time sequence components of performance parameters are obtained by employing the improved wavelet packet transform to decompose the performance parameters of the relay into multiple scales. Then the optimization algorithm of parameters in volterra series is improved, and is used to construct a chaotic forecasting model for the high and low frequency time sequence components gained by the wavelet packet transform. At last, the chaotic forecasting results of the high and low frequency components are combined by taking the wavelet packet reconstruction approach, so as to predict the lifetime of the studied space relay. The algorithm can predict the life curve of the relay accurately and reflect the characteristics of the relay performance with sufficient accuracy. The proposed method is validated via a case study of a space relay. [ABSTRACT FROM AUTHOR]